Bitcoin Ordinals and how it relates to recent miner interest: Decoding…

Bitcoin Ordinals and how it relates to recent miner interest: Decoding...

Daily active users have increased over the past weeks and other metrics were bullish.crossed the benchmark of successfully inscribing over 200,000 NFTs. This milestone was reached swiftly, as it has only been a couple of months since Ordinals’ launch. The total Ordinals inscribed at the time of writing was 207,269, with image-type ordinals accounting for the lion’s share, followed by text.

A possible reason for miners’ interest in Ordinals can be the impact it had on BTC’s price. As BTC’s price increased, revenue generated by mining became more lucrative, resulting in an increase in the number of miners. When the hashrate reached a new ATH, it was clear that miners were bullish on BTC and, by extension, Ordinals., BTC’s Taproot utilization reached an all-time high a few days ago, thanks to Ordinals, which used the protocol for inscription.

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